Bad news ahead? Warren Buffett just dumped $8 billion of stocks

Warren Buffett just dumped $8 billion of stocks
Warren Buffett just dumped $8 billion of stocks

Trying to predict where the economy might be headed is often a lot like reading tea leaves. People see what they want to see.

If you ask, for example, an eternal optimist or a politician in power, he or she might tell you that the economy is steady and headed in the right direction.

If you ask a pessimist, or Michael Burry, one of the most renowned bears on Wall Street, he might tell you that the economy is on the fast track to Doomtown.

Over the past three quarters, Buffett has sold $33 billion of stocks, which amounts to $38 billion more cash in his reserves, ostensibly for a rainy day.

Stephen Hanke, professor of applied economics at Johns Hopkins, says this signals bad news.

We are doomed! What do you think? [More at The Street]

Guys, it’s time to wake up!

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